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Sector Update: Financial Stocks Still Adding to Session-Long Gains; HCC Insurance Climbs to Record High After Authorizing Stock Buyback

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Financial stocks were extending their earlier gains with the NYSE Financial Sector Index advancing about 0.9% and the S&P Financial 100 Index climbing over 1.1%.

In company news, HCC Insurance ( HCC ) was holding on to a small gain Thursday, earlier climbing to a new all-time high and the property and casualty insurer late yesterday raising its quarterly dividend by 31% to $0.295 per share, payable Oct. 15 to shareholders of record on Oct. 1.

The company also authorized a new stock buyback program for up to $500 million of its shares. The new share-repurchase program replaces HCC's existing program that had around $130.9 million of authorization remaining unused.

HCC shares were up about 1.2% at $49.59 a share, just under its new record high of $49.63 a share. Over the past 12 months, the stock has risen about 16.7%.

In other sector news,

(+) CIZN, Authorizes stock buyback program for up to 200,000 of its shares over the next 36 months.

(-) FBRC, Announces preliminary results of modified "Dutch auction," with the asset manager agreeing to purchase 1.2 mln shares at $28 apiece, or $33.6 mln overall.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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